Working in insolvency administration
Working in corporate insolvency administration is one of the most exciting jobs you can do with a legal education. However, a law degree is by no means mandatory to work in this field. In addition to legal knowledge and talent, an interest in and understanding of economic principles and contexts is also required. Commercial skills and an honest and open approach to all parties involved are just as important for successful handling of proceedings as mastering the legal rules of the game.
It is not only the close link between legal and economic issues, but also the variety of cases that make this profession so interesting. No two insolvency proceedings are the same and in each one you learn something new: be it a new legal subject, a very special case or a previously unknown industry. The challenge and at the same time the great attraction of our work is to constantly adapt to new things, to deal with people in special situations and to seek solutions with them.
The generic term "insolvency administration" covers various types of proceedings which, in the event of insolvency, can serve to satisfy creditors in the best possible way, but also to reorganise the insolvent legal entity. In addition to the "classic" insolvency proceedings, the instruments of self-administration or the insolvency plan are also available. The role of the court-appointed officer as a neutral person of trust is not an advisory role but a formative one: the continuation of the company must be organised and closely monitored, and at the same time the rapid restructuring must be planned, legally and commercially examined for feasibility and ultimately also implemented and sometimes enforced. All this is in the interest of the company, the employees, the creditors and - where possible - of course also in the debtor's interest.
Even though the office of insolvency administrator is a highly personal one, the handling of complex insolvency proceedings is always a team task. In addition to questions regarding the operational continuation of the company and procedural issues under insolvency law, the legal and forensic support of insolvency administrators - from the accompaniment of M&A processes to the processing and assertion of liability claims, especially those specific to insolvency and company law, to familiarisation with specialised legal areas and the coordination of external lawyers and advisors - is also a core task of our lawyers.
Episode 106 of the Jura-Karriere podcast "Irgendwas mit Recht" by and with Marc Ohrendorf also provides a brief insight into our work: